Estimated US oil well completions decreased by 69% in the second quarter of 2016 compared to year-ago levels, according to API's 2016 Quarterly Well Completion Report, Second Quarter.
“America’s shale energy revolution has helped the US lower our greenhouse gas emissions while lowering the cost of energy for American consumers,” said Hazem Arafa, director of API's statistics department. “To continue this progress, we must revisit current energy policy, speed up the LNG export approval process and avoid unnecessary regulations to help US producers to compete effectively in the global market under the low-price environment.”
Estimated exploratory gas well completions in the second quarter of 2016 decreased 84% compared to year - ago levels. So far this year, development well footage has decreased 53% and exploratory well footage has decreased by 64%.
The 2016 API Quarterly Well Completion Report, Second Quarter is available for an annual subscription through API's primary distributor, IHS. If you would like to purchase an annual subscription to this report, please contact IHS at 1-800-854-7179, or visit their website at www.global.ihs.com.
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/08072016/api-oil-and-natural-gas-exploratory-drilling-down-in-2q16/